Sunday, March 18, 2018

How Uber ghost rides are linked to online money laundering


Online service marketplaces are relatively new, and there are few ways for their operators to regularly monitor the entirety of services and transactions. Unfortunately, this creates an open environment for electronic money laundering, known as ‘transaction laundering,’ to occur. Last November, we all discovered that no one is immune to cyber crime, when The Daily Beast published an article showing that Airbnb had been exposed to online payment system exploitation. The scam is simple: fraudsters use stolen credit cards to launder dirty money through complicit Airbnb hosts they meet in underground, online Russian forums. Once the Airbnb booking transaction is…

This story continues at The Next Web

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